Black Bear Value Fund Q2 2024 Letter: Long ARCH Resources / Warrior Met Coal

We had the S&P 500 and HFRI index reversed in the bullets below. This has been corrected.

Dear Partners and Friends,

• Black Bear Value Fund, LP (the “Fund”) returned -6.7% in June and +2.1% YTD.
• The S&P 500 returned +3.6% in June and +15.3% YTD.
• The HFRI Index returned -0.3% in June and +4.3% YTD.
• We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.

Note: Additional historical performance can be found on our tear-sheet.

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